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Well as far as I can figure, The Triton is just a name similiar to the GM's Vortec or Chrysler's Magnum. Just something that sounds powerful.
The Modular name is due to how the engine is designed. It had a block with pressed in cylinders I think instead of all of it being cast together and then machined out.
I know that the Chevy V8's are made this way too, like the LS1 and LS6 and Z06 engines.
Oh and just a note that I read in an older HotRod magazine, the LS1 Chevy engines have a bigger problem with piston slap than the Mod engines do.
Jimmy
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